The comet. (Johnson City, Tenn.) 1884-1916, 1887-12-15
A TARIFF MESSAGE.
THE PR ESIDENT HANDLES
HUT THE ONE SUBJECT.
HE Urges Immediate Revision
Of the Tariff.
The Peoples Money Accommodating
in the Treasury.
HE Policy Well Defined and the Mean
ing of His Message Unmistakable.

=
ton OF the national finances which i'm
peratively demands immediate and
careful consideration.
The amount OF money annually ex.
acted, through the operation OF pres
ent laws, rom the industries and nec-
esslties OF the people largely exceeds
the sum necessary to meet the expen-
ses OF the Government.
When We consider that the theory
Of our institutions guarantees TO every
citizen the full enjoyment of all the
fruitG OF his industry and enterprise,
with only such deduction as may be
his share towards the Government
which protects him it is plain that the
exaction of more than this is indefen-
sible extort.on
AND A CULPABLE BETRAYAL
of American fairness and Justice. This
wrong inflicted upon those who bear
the burden OF national taxation, like
other wrongs, multiplies brood OF
evil consequences. The public Treas
ury, which should only exist as a con-
duit to convey the peoples tribute to
its legitimate object of expenditure,
becomes boarding place for money,
needlessly withdrawn from trade and
the peoples use, thus cripplihg our ma
tional energies, suspending our coun-
try's development, preventing invest
ment in productive enterprise, threat
ening financial disturbance and invit-
ing schemes OF public plunder
This condition of our Treasury is
not altogether new, and it has more
than once of late been submitted to
the peoples representatives in the
Congress, who alone can apply lem.
edy. And yet the situation still con.
tinues, with aggravated incidents
more than ever presaging financial
convulsion
AND WIDESPREAD DISASTER.
1t will not do to neglect this situa.
tion because its dangers are not now
palpably imminent or apparant.
They exist none the less certainly, and
await the unforeseen and unexpected
occasion when suddenly they will be
precipitated upon us.
On the 30th day of June, 1885, the
excess Of revenue over public expend-
itures, after complying with the an
nual requirement of the Sinking Fund
act, was $l7.S59,735,S4; during the
year ended June 80, 1886, such excess
amounted t0$49, ,405, ,64520 and during
June 80, 1887, it reached the sum OF
$55 567 ,849 81. The annual contrbu.
ticn to the sinking fund during the
three years above specified, amount
ing in the aggregate to $13S, ,058, 800 81
and deducted from the surplus as stat
ed, were made by calling in for tina
purpose outstanding 3per cent.
BONDS OF TUE GOVERNMENT.
During the six months prior tO
June 20, 1887, the surplus revenue had
grown 50 large by repeated accumula-
tons, and 1t was feared the with
drawal of this great sum OF money
needed by the people would so affect
the business OF the country that the
sum of $40 1854, 100 OF such surplus was
applied to the payment Of the princi
pal and interest Of the 3 per cent
bonds still outstanding, and which
were then payable at the option %
the Government The prerariou,
condition OF financial affairs among
the people still needing relief, immedi
ately after the 30th of June, 1887, tn,
remainder OF the 8 per cent bond'
then outstanding, amounting with
principal and interest to thes of $18.
S77 800 were called in and applied t.
the sinking fund contribution for the
current fiscal year.
Notwithstanding these operations o
the Treasury Department, representa-
aions Of distress in business circles no
only continued, but increased, and ab
solute
PERIL SEEMED AT HAND.
In these circumstances the contribu
ton to the sinking fund for the cur
rent fiscal year was at once completed
by the expenditure of $27 ,6S4 ,2S3. .55 il
the purchase Of Government bond
not yet due bearing 4 and Az pc
cent. interest, the premium pai'
thereon averaging about "a per cent
for the former and 8 per cent.for tn
latter In addition to this the inter
est accruing during the current yea
npon the outstanding bonded indebt
edness of the Government was to som
extent anticipated, and banks selecte
Rs repositories Of public money wer
permitted to somewhat increase thei
deposits.
While the expedients thus employ
ed to release to the people the none
aying idle in the Treasury served t
avert immediate danger our surplu
.reyenues
HAVE CONTINUED TO ACCUMULATE,
she excess for the present year amour
ing on the first day of December {
$50, 9,701 10, and estimated to reac
the sum Of $l13, 100000 on the 30th
June next, at which date it is expec
ed that this sum, added to prior a
cumulations, will swell the surplus
the Treasury TO $4,000 600. Thel
seems to be no assurance that, wit
such withdrawal from use Of the pc
ple's circulating medium, our bus
ness community may not in the ne
future he subjected to the same di
tress which was quite lately produce
from the same cause. And while Il
functions Of our national Treasu
should be few and simple, and viii
its best condition would be reached,
believe, 10y its entire disconnectiC
with private business interests, y
when, by ptwersiun of its purpos'
ltidiy holds money uselessly subtra'
ed from the channels of trade, the